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How to Reduce the Financial Stress of Running a Small Business

According to research, 40% of British entrepreneurs claim that managing their finances and banking are the most stressful parts of running their business.  It seems that small business owners spend so much of their time balancing the books that they often have no evenings or weekends free to relax and enjoy themselves.  Most admit to spending more3 than five hours each week taking care of financial matters, with 20% of small to medium business owners spending more than 8 hours each week on this.  That’s a full day’s work for somebody who’s an employee – and we all know that business owners usually work much longer hours than the average employee.

Most people who start their own business do so to have more control over their lives, but often end up feeling as if they have less and are perturbed to discover that instead of being a “wage slave”, they’ve become a slave to their own business needs.  Holidays and weekends become a thing of the past, and instead of leading the stress-free life they envisaged, they find themselves under more stress than ever before.

The responsibilities and workload that come with running a small to medium business (SMB) are particularly onerous, especially so for sole traders or those working from home.  With so much precious time dedicated to financial management, the stress takes its toll, with 17% of SMB owners claiming that it has made them unwell.  The burden of financial administration can be overwhelming.

Although there are plenty of products and services available to help SMB owners with the financial tasks, identifying the one that best match their requirements can be difficult for the small business owner.  Accessing the appropriate banking products and managing finances is a complicated task in itself, and takes up even more of the SMB owner’s time and attention. 

This is why some of the SMB owners who are most satisfied with their new life as a business owner have stumbled upon a secret – they hire an accountant to take care of all the financial admin for them.  Yes, it’s an extra cost that will need to be factored into the overall expenses, but the time and stress that it can save you is likely to make you feel that it’s well worth the cost.

Handing over the financial tasks to an expert will leave you free to do what you do best – work on your business.  Whether this means expanding your business for the future or taking more time off to spend with family and friends, it’s a practice that is becoming more popular amongst business owners here in the UK. 

There are plenty of freelance accountants nowadays who work from a home office and take care of the finances of just a few small businesses, offering a tailored service to suit the needs of each individual client.  Whatever type of business you’re in, however small, however large, wherever you are, you’re sure to find an accountant that can take over the financial admin for you, taking the load off your shoulders and leaving you able to live the dream, just as you’d hoped when starting up your business.